SPX Technologies to acquire ASPEQ for $418 million

SPX Technologies, through its subsidiary SPX Enterprises, entered into a definitive agreement to acquire ASPEQ Parent Holdings, Inc. for approximately $418 million in cash. The acquisition will be executed via a merger of a SPX subsidiary into ASPEQ, with ASPEQ surviving as a wholly owned subsidiary of SPX Technologies. The deal is subject to regulatory approvals, including HSR, and customary closing conditions.

“On April 28, 2023, SPX Enterprises, Inc. (“SPX Enterprises”), a wholly owned subsidiary of SPX Technologies, Inc. (the “Company”), and SPX Electric Heat, Inc., a wholly owned subsidiary of SPX Enterprises (“Merger Sub”), entered into an Agreement and Plan of Merger dated as of April 28, 2023 (the “Merger Agreement”) with ASPEQ Parent Holdings, Inc., a Delaware corporation (“ASPEQ”), and Industrial Growth Partners V, L.P., as representative of the stockholders of ASPEQ (the “Representative”), providing for the acquisition by SPX Enterprises of ASPEQ for aggregate consideration of approximately $418 million in cash (subject to closing date adjustments) pursuant to a merger of Merger Sub with and into and ASPEQ, with ASPEQ being the surviving corporation of the merger (the “Merger”).”

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